Bancor (BNT)

$6.36885 (-22.38%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
88 $1,250,010,000.00 $144,283,000.00 196,269,000 BNT -- -22.38% -9.41% $1,425.35

Exchange Pair Volume (24h) Price
Bancor Network ETH/BNT 53,478,304.00 532.4394629708
Bancor Network LINK/BNT 12,269,468.00 5.9091194667
Bancor Network WBTC/BNT 10,676,793.00 7,036.5020866008
Bancor Network USDC/BNT 22,941,927.00 0.1500131841
Bancor Network USDT/BNT 14,248,384.00 0.1523293263
Bancor Network YFI/BNT 2,775,995.00 8,940.7463229948
Bancor Network ENJ/BNT 1,062,394.00 0.2842306936
Bancor Network MKR/BNT 1,702,192.00 694.3613282304
Bancor Network UNI/BNT 627,744.00 5.3247846716
Bancor Network ALPHA/BNT 2,433,935.00 0.2809213966
Coinbase Pro BNT/USD 6,814,538.00 6.6140000000
Bancor Network ROOK/BNT 1,314,411.00 58.9896296398
Bancor Network SNX/BNT 2,290,933.00 2.5083464032
Bancor Network GRT/BNT 529,577.00 0.1930337407
Bancor Network OCEAN/BNT 472,854.00 0.1639621638
BHEX BNT/USDT 48,896,355.00 6.5682000000
Bancor Network MPH/BNT 927,574.00 17.4952724546
Bancor Network AMP/BNT 165,421.00 0.0088231663
Coinbase Pro BNT/EUR 1,041,959.00 5.4333000000
Bancor Network VBNT/BNT 222,410.00 0.3501313080
Crypto.com BNT/USDT 177,601.00 6.5959000000
HitBTC BNT/BTC 1,243,746.00 0.0001451200
Bancor Network BAT/BNT 113,819.00 0.1679044523
OKEx BNT/USDT 6,497,204.00 6.5860000000
Bancor Network NDX/BNT 517,635.00 0.9476153460
Huobi Global BNT/USDT 1,525,110.00 6.5900000000
Coinbase Pro BNT/BTC 1,070,682.00 0.0001455800
VCC Exchange BNT/USDT 3,939,623.00 6.5839000000
Bancor Network HEGIC/BNT 168,314.00 0.0252481744
Coinbase Pro BNT/GBP 539,916.00 4.6916000000
Binance BNT/BTC 3,313,826.00 0.0001451800
Bancor Network RENBTC/BNT 138,871.00 7,227.4962369549
VCC Exchange BNT/BTC 1,762,155.00 0.0001452600
Bancor Network RSR/BNT 113,495.00 0.0105864888
OKEx BNT/BTC 3,147,096.00 0.0001453000
Bancor Network MLN/BNT 128,266.00 14.2088929737
Bancor Network WOO/BNT 636,713.00 0.1525097890
Crypto.com BNT/CRO 27,611.00 43.7880000000
BKEX BNT/USDT 2,587,418.00 6.5999000000
MXC BNT/USDT 1,658,744.00 6.5780000000
Digifinex BNT/USDT 4,322,225.00 6.5958000000
CoinBene BNT/BTC 4,274,995.00 0.0001453800
Bancor Network MTA/BNT 164,147.00 0.2555965560
Gemini BNT/USD 34,047.00 6.5799000000
Binance BNT/BUSD 585,572.00 6.5865000000
Bitrue BNT/BTC 2,031,766.00 0.0001455100
P2PB2B BNT/BTC 35,005.00 0.0001457000
Bancor Network ARMOR/BNT 44,919.00 0.1150462360
Bancor Network RPL/BNT 30,631.00 3.0523192667
P2PB2B BNT/USD 58,175.00 6.6093000000
P2PB2B BNT/USDT 60,989.00 6.6244000000
AEX BNT/USDT 1,118,823.00 6.5940000000
Bilaxy BNT/USDT 216,495.00 6.5729000000
FTX BNT/USD 479,971.00 6.6050000000
VCC Exchange BNT/ETH 72,689.00 0.0018670000
Binance BNT/ETH 447,926.00 0.0018770000
AAX BNT/USDT 286,622.00 6.5867000000
HitBTC BNT/USD 2,050.86 6.5585420000
Atomars BNT/BTC 3,668.13 0.0001452100
Bancor Network OMG/BNT 34,365.00 1.3474519541
Bancor Network BDIGG/BNT 3,754.20 3,071.8424078367
Atomars BNT/USDT 4,488.41 6.5800000000
Bancor Network JRT/BNT 6,201.32 0.0208660079
Huobi Global BNT/BTC 668,721.00 0.0001453700
Bancor Network LPL/BNT 145,078.00 0.7618642841
Bancor Network ZCN/BNT 88,447.00 0.1363603525
Uniswap (v2) 0X1F573D6FB3F13D689FF844B4CE37794D79A7FF1C/ETH 144,605.00 0.0018762778
Atomars BNT/ETH 919.61 0.0018660000
Bittrex BNT/BTC 74,233.00 0.0001452500
AAX BNT/BTC 136,482.00 0.0001451900
Bancor Network MDT/BNT 14,116.92 0.0093810157
Bittrex BNT/ETH 2,906.34 0.0018906100
Bitrue BNT/ETH 1,076.35 0.0018690000
Bancor Network RCN/BNT 773.36 0.0133673530
LBank BNT/USDT 471,164.00 6.6351000000
Bitfinex BNT/USD 30,906.00 6.6596000000
P2PB2B BNT/ETH 32,544.00 0.0018750000
XT.COM BNT/USDT 353,053.00 6.5926000000
Bancor Network SRM/BNT 34,052.00 1.6064754737
Bancor Network MAD/BNT 5,658.56 0.0101252723
Bancor Network QNT/BNT 30,764.00 7.4044083824
Bancor Network EWTB/BNT 19,123.35 2.0103849923
Bancor Network MRPH/BNT 41,657.00 0.1785711128
Bancor Network TKN/BNT 3,679.76 0.0370875382
Bancor Network STAKE/BNT 13,172.52 2.1325313104
Bancor Network BBADGER/BNT 2,757.33 4.7912281985
Emirex BNT/BTC 11,341.21 0.0001458500
CoinEx BNT/USDT 8,765.16 6.6146000000
Bancor Network FTXTOKEN/BNT 3,757.87 7.9602760897
Huobi Global BNT/ETH 190,425.00 0.0018760000
Bancor Network ICHI/BNT 10,313.02 1.3212744878
Bancor Network REM/BNT 3,060.40 0.0005232506
NiceHash BNT/BTC 376.68 0.0001439700
Bancor Network RENZEC/BNT 3,452.36 38.9631090809
Bancor Network MFG/BNT 3,488.37 0.0035987386
WazirX BNT/USDT 2,633.80 6.5076000000
Bancor Network RGT/BNT 11,375.42 1.5875162135
Bancor Network AGRI/BNT 5,182.96 0.0023778714
Bancor Network SAN/BNT 2,317.67 0.0399020868
Bancor Network PLR/BNT 868.39 0.0092014675

Background

Bancor targets a growing market for small cap crypto assets not listed on major exchanges which typically demand high liquidity. The Bancor Network, built on top of the Ethereum blockchain, facilitates token issuance and offers an open marketplace for crypto assets with potentially thin supply, e.g. tokenized merchandise by a local music band. Tokens trade instantly, on-chain, and can be made directly from any Ethereum wallet. User fees are limited to the gas needed to process the transaction via the Ethereum blockchain. Exchanges are governed by the Bancor Protocol and a novel extension of the ERC20 token standard called Smart Token. Continuous liquidity and deterministic price slippage is guaranteed for Smart Tokens through price and supply regulation encoded in the Smart Token contract. In effect, a Smart Token contract functions as a completely automated and decentralized central bank for the underlying token. The Smart Token standard can accommodate fiat trades (introduced in Q2 2018) and potentially non ERC20 tokens. Most notably, the protocol aims to integrate with EOSIO mainnet blockchain. [1] Smart Token applications are not limited to plain utility tokens. Smart Token contracts can act as a decentralized exchange for any ERC20-compliant tokens (Smart Tokens included); as a stable peg to another crypto asset (including non-ERC20 tokens, once cross-blockchain support is implemented); or serve as an intermediary token for exchanging token pairs not explicitly supported by Smart Token contracts in the network. The later is the main purpose of Bancor’s own Smart Token, BNT, which can be exchanged to all Smart Tokens in the Bancor Network rendering all token pairs in the network interchangeable. Further potential applications of Smart Tokens are described in the whitepaper including an elegant solution for on-chain price oracles. While any ERC20-compatible token can be exchanged within the Bancor Network, the team’s primary mission is to bring liquidity to low cap tokens. As the crypto economy grows, it is expected low cap crypto assets will eventually make up a significant fraction of the total market capitalisation. Similar long tail phenomenon are observed in mature online markets, for example books with too little volume to be carried by regular bookstores make up an estimated 30-40% of the titles sold on Amazon.

Technology

The main technical difference between the Bancor Network and other decentralized exchanges such as KyberNetwork or 0x is automatic market making that dynamically adjusts token supply in response to market orders. Each Smart Token has one or a few reserve tokens, called connector tokens, that can be exchanged for Smart Tokens. Each contract holds a reserve of connector tokens which is initially funded via the Smart Token issuance. [2] The market price is deterministic with zero spread and no counterparty needed to fill an order. Instead, the Smart Token smart contract automatically either mints or burns the required amount of Smart Tokens with an offsetting transaction to top up or withdraw from the connector token balance in return. The price at which the order is filled is calculated so that the ratio between the connector token balance and the value of outstanding Smart Tokens remains unchanged. This fixed ratio, called connector weight, is always in the range between 0% and 100%, defining price elasticity. [3] In other words, connector weight defines how aggressively the Smart Token price surges in response to buy orders, with 100% representing a stable peg. Smart Tokens can be traded on external exchanges as well, while arbitrage opportunities are expected to eventually even out the prices offered by the Bancor Network and elsewhere. Connector weights and the number of connectors are set by the issuer upon smart contract creation and define the use case scenario of the token. Tokens with total connector weight below 20% are considered liquid. For example, the Bancor Network Token (BNT) has a single ETH connector with a weight of 10%, which makes it relatively stable (in terms of historical volatility) against ETH while leaving room for growth. Configurations with a total connector weight of 100% may have one, two, or more connectors. A configuration with a single connector, called a Proxy Token, makes a stable peg, allowing existing ERC20 tokens to be backward compatible with the Bancor Network. Two or more connectors may be used, such configurations are called Relay and Array tokens, to make a trustless index token with pro rata share adjusted value of connector tokens. The team expects more applications to appear as new features are implemented. The major risk for the Bancor Network is the premise that low cap crypto assets will represent a substantial user base and market share. While virtually any asset can potentially be exchanged on the platform, the team rightly focuses on tokens with low liquidity thus targeting a niche with less competition. Already liquid assets are unlikely to generate volume in the Bancor Network. Indeed, for orders with large volumes the quoted price will likely to be worse than what is offered on high-volume exchanges due to price slippage. To date, the Bancor Network, like other decentralized exchanges has struggled to show substantial daily volume, which is typically range bound between $1-10 million comparing to $1-2 billion for the largest centralized exchanges. It is not clear at the moment if and when the long tail phenomenon will reveal itself for crypto assets. Like other decentralized exchanges, technological risks include the dependence on the underlying Ethereum blockchain and attack vectors on the pricing mechanism, e.g. front-running orders. [5] While not seriously affecting the operation of the Bancor Network at the moment, such risks may become relevant if the platform succeeds in attaining large trading volumes.



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